August 9 – Guangdong Highsun Group (000861.SZ) recorded a 53-percent year-on-year surge in net profits for the first half of 2011 to 159 million yuan, reports China Business News, citing a company filing. All percentage changes below are year-on-year

Sale revenues grew 40.34 percent to 828 million yuan while earnings per share hit 0.32 yuan.

The company’s kaolin business earned 110 million yuan in revenues, up 18.56 percent, while carbon soot brought in revenues of 205 million yuan.

Highsun Group raised its reserves of kaolin from 60.7 million tons to 99.8 million tons via an acquisition, although the acquired business incurred losses.

The firm suffered frequent electricity shortages during the first half of 2011, the source noted.

Highsun Group expects to earn net profits of 245 million yuan for the first three quarters of the year, up 51.52 percent.

Source:CapitalVue